Still, not to mention, the token has gained over 20X percent in one week. Therefore, its prices are not likely to touch the $1 mark in the foreseeable future. If this coin is to take off, there will be a whole lot to purchase. The high gas prices over the past couple of months indicate high transaction volumes. The Ethereum blockchain needs Gas to run smoothly. They reflect the computational power necessary to process requests or transactions on the Ethereum blockchain. The higher the demand, the higher the Gas fees go. Gas prices fluctuate depending on network congestion. The term “Gas” refers to the cost of a transaction on the Ethereum blockchain. There is one quadrillion SHIB coin in existence. SHIB coin tokenomics are exactly the standard for scarcity. How is SHIB coin affecting the ETH-Gas Fees? Most traders who purchase SHIB are not doing it because of some underlying value it holds.
The popularity of the SHIB is a direct consequence of Dogecoin. The Gamestop stock mania may have only been the tip of the iceberg.Īs a result, small traders, in their masses, have more market pull than individual whales. This rise is a testament to the power of crypto traders working in droves. Its market capitalization has shot past $10 billion. Chinese traders have fueled its value after the OKEx listing, and crypto enthusiasts are starting to pay attention. This figure may sound insignificant but is a significant appreciation from where it was just a week ago. This type of offering is known as an initial DEX offering (IDO), where the founders release the token via a decentralized exchange.Ī single SHIB is worth about $.000029 at press time in mid-May 2021. 50% of the total supply was put onto the decentralized exchange Uniswap by the Shiba founders, and the rest were burned in honor of Vitalik Buterin – Ethereum visionary. Shiba Inu token, which is the 1st token launched in the Shiba ecosystem, can be bought on Uniswap. The Shiba Inu – inspired meme coin launched in 2020 and took its name from the dog breed that is the mascot for Dogecoin. It has got excellent traction, with the OKEx exchange becoming the first major exchange to list the coin in the past week. The Ethereum-based token claims to be an even better joke, a “ DOGE Killer,” of sorts. Since the token uses Ethereum’s robust network, the token plans to become a vibrant DeFi ecosystem driven by their token.
However, the Shiba Inu token seeks to do much more than its doggy-themed counterpart. Shiba Inu is a cryptocurrency that’s similarly themed to Dogecoin. Dogecoin is getting competition from something that feels eerily familiar. What is the SHIB Coin? SHIB Coin: The Doge Killer SHIB coin may have something to say about that. Its value is a product of market hype and speculative investment. The Doge mania has caught on with Tesla CEO Elon Musk fueling the hype on Twitter and even on a recent episode of Saturday Night Live. Its basic protocol is quite similar to Litecoin and features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. In this crypto bull market, Dogecoin has risen to a market capitalization of $85 billion. Its developers deliberately gave it a humorous tinge to poke fun at the wild speculation in cryptocurrencies around 2013.Īs it turns out, enough people took the joke seriously. What are the odds that one coin could ascend to prominence as a joke, only to be threatened by another “joke” coin? Well, the story of Dogecoin and SHIBA Inu (SHIB Coin) the Doge-Killer is along those lines.ĭogecoin started as a joke. The cryptocurrency industry is a fascinating place.
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